രണ്ട് 2 billion funding for British Airways

രണ്ട് 2 billion funding for British Airways

British Airways has raised over $ 2 billion in cash over five years. The IAG Group has lost നഷ്ട 5.6 billion this year.

British Airways, a subsidiary of the British group IAG, announced on Thursday that it has pledged up to 2 2 billion over five years to pay for the historic regional crisis caused by the pandemic.

The $ 2 billion loan was provided by a consortium of banks, partly guaranteed by UK Export Finance, the UK’s export loan guarantee agency.

The funds will “provide strategic and operational flexibility to improve the company’s liquidity” and utilize the partial recovery of air travel demand expected in 2021, ”he explains, explaining.

With the exception of the new liquidity facility, the IAG recorded a cash flow of 8 8 billion as of November 30, saying it was “looking into other debt options to further improve liquidity”.

It is losing billions of euros

The group’s action recorded the worst performance this year on the FTSE-100 index, falling to 63 percent in 2020, especially in the wake of the Kovid-19 pandemic around the world and European aviation.

The Iberian-owned IAG reported a $ 1.76 billion loss in the third quarter following a traffic crash, as a result of travel restrictions in Europe to prevent the spread of pandemic.

The group, which had earlier warned that the quarter would be red and the end of the year would be difficult, is now losing a total of 5. 5.6 billion since the beginning of this year.

At the same time, the IAG announced post – Brexit measures to ensure that their companies licensed to operate in the EU comply with EU regulation and membership rules that follow Brexit. .

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These preparations include the establishment of a national ownership structure for the Irish subsidiary Erlingus, while most of the independent non-executive directors of the IAG ‘s board have been reshuffled.

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